💢 Bitcoin Just Wiped Out All Its 2025 Gains. What Would a “Crypto Winter” Look Like?

[{"type":"paragraph","children":[{"text":"It’s been just over a month since Bitcoin hit an All-Time-High of "},{"text":"$126,272.76 on October 6","bold":true},{"text":" , but things have gone from bad to worse since then. Now, that peak seems like a distant memory."}]},{"type":"bulleted-list","children":[{"type":"list-item","children":[{"text":"Bitcoin "},{"text":"fell more than 9% in the week ending November 14","bold":true},{"text":" , and was trading below "},{"text":"$92,000","bold":true},{"text":" on Monday. The sharp decline — partly due to whales selling — has pushed BTC below several key technical levels."}]},{"type":"list-item","children":[{"text":"Last week, Bitcoin entered "},{"text":"a “bear market,”","bold":true},{"text":" meaning it fell 20% or more from its recent peak. Over the weekend, BTC also appeared in a "},{"text":"“death cross”","bold":true},{"text":" technical pattern — when the 50-day moving Medium crossed below the 200-day Medium . Not only that, Bitcoin officially "},{"text":"wiped out all of its gains for 2025","bold":true},{"text":" ."}]},{"type":"list-item","children":[{"text":"All these signals indicate that negative sentiment is surrounding Bitcoin. But does that mean “crypto winter” is coming?"}]},{"type":"list-item","children":[{"text":"“ "},{"text":"I don’t think we’re in a crypto winter. I think we’re seeing Bitcoin mature","bold":true},{"text":" ,” Louis LaValle, CEO of Frontier Investments, told MarketWatch."}]},{"type":"list-item","children":[{"text":"He argues that this "},{"text":"is not a typical recession model","bold":true},{"text":" where people give up, prices crash 70–80%, liquidation disappears, and interest evaporates. Instead, Bitcoin is going through "},{"text":"a market structure shift","bold":true},{"text":" , not a traditional bear cycle."}]}]},{"type":"heading-two","children":[{"text":"Beware of margin call risk"}]},{"type":"bulleted-list","children":[{"type":"list-item","children":[{"text":"Kevin Kelly — portfolio manager at Amplify ETFs — said that in the past, Bitcoin has often fallen in price "},{"text":"without institutional involvement","bold":true},{"text":"."}]},{"type":"list-item","children":[{"text":"But this bear cycle is quite different because BTC is now "},{"text":"a “mature asset,”","bold":true},{"text":" with more liquidation and more institutional acceptance, such as "},{"text":"JP Morgan reportedly accepting Bitcoin as collateral","bold":true},{"text":" ."}]},{"type":"list-item","children":[{"text":"Data from CryptoQuant shows that investors who are selling BTC "},{"text":"are still profitable","bold":true},{"text":" , meaning there are no signs of capitulation or margin calls. However, retail investors "},{"text":"are not buying the Dip","bold":true},{"text":" , while whales are buying at low prices."}]},{"type":"list-item","children":[{"text":"CryptoQuant's Julio Moreno said that the amount of BTC held in US ETFs has dropped sharply from "},{"text":"441,000 BTC on October 10 to just 271,000 BTC","bold":true},{"text":", reflecting weak demand from the US. At the same time, the \" Medium order\" in the spot market also shows that retail has not returned."}]}]},{"type":"heading-two","children":[{"text":"Technical perspective"}]},{"type":"bulleted-list","children":[{"type":"list-item","children":[{"text":"While on-chain data hasn't shown anything too serious, "},{"text":"weak demand","bold":true},{"text":" hasn't been enough to stop the sell-off."}]},{"type":"list-item","children":[{"text":"Analyst Luke Lango said the recent "},{"text":"death cross","bold":true},{"text":" is a worrying sign. He noted that over the past 13 years, every time Bitcoin broke "},{"text":"the 50-week moving Medium","bold":true},{"text":" during a bull run, the market crashed in the following 1-2 years."}]},{"type":"list-item","children":[{"text":"BTC is now "},{"text":"down about 27% from its recent peak","bold":true},{"text":" — still within “normal range,” as the Medium Bitcoin bear market decline is about "},{"text":"30.8%","bold":true},{"text":" (based on data going back to 2014). In 2022, there have been two declines of more than 45%."}]},{"type":"list-item","children":[{"text":"Kelly said that "},{"text":"tightening global liquidation","bold":true},{"text":" , the Fed's delay in cutting interest rates, and the TGA's withdrawal of liquidation from the system have made BTC much more vulnerable."}]},{"type":"list-item","children":[{"text":"He assessed the current situation as "},{"text":"a combination of weak liquidation , continuous sell-offs, and declining sentiment","bold":true},{"text":" , rather than a single shock."}]}]},{"type":"heading-two","children":[{"text":"“The Zone of Extreme Fear”"}]},{"type":"bulleted-list","children":[{"type":"list-item","children":[{"text":"The market has entered "},{"text":"“extreme fear territory”","bold":true},{"text":" after Bitcoin failed to hold the psychological $100,000 mark, according to Kelly."}]},{"type":"list-item","children":[{"text":"But investors have not lost interest. After the hot growth period since the January 2023 Dip , a “digestion wave” is normal."}]},{"type":"list-item","children":[{"text":"History also shows that when the market falls into "},{"text":"“extreme fear zones,”","bold":true},{"text":" it "},{"text":"is a good opportunity to cash in","bold":true},{"text":" — especially for long-term investors who Medium over time."}]}]},{"type":"heading-two","children":[{"text":"Macro still favors Bitcoin"}]},{"type":"bulleted-list","children":[{"type":"list-item","children":[{"text":"Frank Holmes — co-founder of HIVE Digital Technologies — says the macro backdrop is "},{"text":"becoming more positive","bold":true},{"text":" for both Bitcoin and gold."}]},{"type":"list-item","children":[{"text":"“ "},{"text":"Excessive government spending and constant money printing create long-term support for scarce and decentralized assets","bold":true},{"text":" ,” he observed."}]}]},{"type":"paragraph","children":[{"text":"Holmes also emphasized that even if new user growth slows in the short term, structural trends such as "},{"text":"rising debt, monetary expansion, and geopolitical Shard","bold":true},{"text":" still favor Bitcoin in the long term."}]},{"type":"paragraph","children":[{"text":"\n"},{"type":"topic","character":"Bitcoin","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"CryptoMarket","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"Jucom","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"cryptocurrency","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"blockchain","children":[{"text":""}]},{"text":" "},{"type":"coin","currencyId":7,"currency":"btc","symbolId":6,"symbol":"btc_usdt","logo":"https://web.jucoin.online/cdn/coin/logo/btc.png","fullName":"Bitcoin","character":"BTC/USDT","children":[{"text":""}]},{"text":" "},{"type":"coin","currencyId":8,"currency":"eth","symbolId":7,"symbol":"eth_usdt","logo":"https://web.jucoin.online/cdn/coin/logo/eth.png","fullName":"Ethereum","character":"ETH/USDT","children":[{"text":""}]},{"text":" "},{"type":"coin","currencyId":128,"currency":"ju","symbolId":73,"symbol":"ju_usdt","logo":"https://storage.webstatic.cc/1/currency/3908d2d8-94c4-4db9-9fc5-9a5bdaae5860-1758872417826.png","fullName":"JU","character":"JU/USDT","children":[{"text":""}]},{"text":" "}]}]